Tag: Sales Tax Act 1990

The Federal Board of Revenue (FBR) has mandated that all sales tax invoices for taxable supplies made to unregistered persons must include the National Tax Number (NTN) or Computerized National Identity Card (CNIC) of the buyer.

The Federal Board of Revenue (FBR) has clarified that the Sales Tax Act, 1990, mandates registered persons to maintain specific records of their business activities at their premises for a duration specified by the FBR. This requirement aims to ensure transparency, facilitate tax compliance, and streamline audits.

Section 21 of the Sales Tax Act, 1990, provides detailed guidelines for de-registration, blocking, and suspension of taxpayer registration. It is a vital mechanism used by the Federal Board of Revenue (FBR) to address tax evasion and ensure compliance. Here’s an expanded overview:

Karachi, December 31, 2024 – The Federal Board of Revenue (FBR) has issued a stern warning to individuals and businesses failing to comply with sales tax laws. Non-compliant taxpayers may face the disconnection of their gas and electricity connections under strict provisions of the Sales Tax Act, 1990.

Karachi, December 30, 2024 – The Federal Board of Revenue (FBR) has outlined the categories of individuals and businesses that are mandated to register for sales tax under the Sales Tax Act, 1990. This move is part of the FBR’s ongoing efforts to ensure compliance and expand the tax net.

Karachi, December 29, 2024 – Section 11C of the Sales Tax Act (STA), 1990, empowers tax authorities to adjust or modify assessments and orders based on decisions made by higher judicial bodies.

Karachi, December 29, 2024 – The Federal Board of Revenue (FBR) has been granted the authority to recover short-paid sales tax amounts without issuing prior notice to the taxpayer. This authority is enshrined in Section 11A of the Sales Tax Act, 1990, which allows the FBR to act swiftly in cases of underpayment.

Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has authorized refunds of input tax under Section 10 of the Sales Tax Act, 1990, bringing relief to registered persons who face an excess of input tax over output tax during a tax period. This provision, as clarified by the FBR, aims to streamline the refund process and ensure smoother tax compliance for businesses.

Karachi, December 26, 2024 – The Federal Board of Revenue (FBR) has issued a detailed explanation regarding the joint and several liability of registered persons within the supply chain when taxes remain unpaid. This clarification is provided under Section 8A of the Sales Tax Act, 1990.

Karachi, December 23, 2024 – The Federal Board of Revenue (FBR) has clarified that tax credit will not be allowed on supplies of certain goods, following the stipulations set under Section 8 of the Sales Tax Act, 1990. This new directive is part of the government’s effort to regulate the input tax credit system and ensure that only eligible businesses benefit from tax credits.